Majority of Bus Operators Buy Shares in National Bus Company  

The rollout of the National Bus Company is officially underway. This is a public-private partnership between the government and private bus operators, and it promises safer rides, upgraded terminals, and brand-new buses hitting the roads over the next two to three years. Today, Transport C.E.O. Chester Williams gave us an update on how things are shaping up. He says most operators have decided to buy shares and join the national company, but here’s the interesting part, those who choose not to join will still be allowed to operate alongside the new system once it launches. So, commuters can expect a major upgrade without losing service options.

 

Chester Williams, CEO, Ministry of Transport

“We have done a lot in terms of meeting with the different stakeholders, those persons in the bus industry and a number of them have signed on now to be a part of the the new company. We have received the audited report done by the auditors, and those companies that were audited were brought in individually. The audit report was shared with them so they can see exactly what the company is valued. Then based on evaluation of the company, then they decide how they’re going to move forward. There were three options available to them. One, they can choose to opt out to say, you know what? My company value two hundred and fifty thousand just gimme two hundred and fifty thousand and you take all my assets, and I go about my business. Two, they can say, okay, the two hundred and fifty thousand at my company values, I will invest that into the new company as a shareholder. Or three, there was a hybrid formula where they can say, okay, the company valued two hundred and fifty thousand, I will invest one hundred and twenty-five thousand into the new company to buy shares and then cash me for one hundred and twenty-five. So there are a total of three options that were available to them. Majority of the operators chose to still be a part of the new company in terms of buying shares in the new company. And then those operators who have opted not to be a part of the company any other they will be allowed to continue to run or to operate alongside the national company when the company comes on stream.”